Goldman Sachs Reiterates Buy Rating, $33 PT on Freeport-McMoRan Copper & Gold Ahead of 3Q13 Results Report

In a report published Tuesday, Goldman Sachs analyst Sal Tharani reiterated a Buy rating and $33.00 price target on

. In the report, Goldman Sachs noted, “We mark to market FCX's 3Q13 results with actual copper prices of $3.29/lb versus our estimate of $3.18/lb, actual gold prices of $1,330/oz versus our estimate of $1,300/oz, actual oil prices of $109.71/bbl versus our estimate of $103.50/bbl, actual natural gas prices of $3.56/Mcf versus our estimate of $4.50/Mcf, and actual molybdenum prices of $9.25/lb versus our estimate of $13.00/lb. Altogether, this raises our 3Q13 EPS estimate to $0.59 from $0.57. We expect Freeport to meet its volume and cost guidance in the quarter. Higher 3Q13 estimates raises our 2013 EPS estimate to $2.15 from $2.13. There are no changes to our forward estimates. We maintain our six-month P/E-, EV/EBITDA-, and NAV-based target price of $33.00. We maintain our Buy rating on FCX. Freeport-McMoRan Copper & Gold closed on Monday at $33.45.